As you approach the end of the quarter, its time to evaluate ways to increase your revenue. This is the time to reflect on what worked and didn’t work during the year. While you’re analyzing your own business, it can also be beneficial to look at other successful companies and what made them successful.
Dick’s Sporting Goods recently posted they achieved their best quarterly sales results in six years, with sales up to 6% in the company’s third quarter. That comes on top of a better than 3% increase in same-store sales in the second quarter, executives noted. https://amp-usatoday-com.cdn.ampproject.org/c/s/amp.usatoday.com/amp/4308285002
“We saw increases in both average ticket and transactions, as well as growth across each of our three primary categories of hardlines, apparel and footwear,” said Edward W. Stack, chairman and chief executive officer. “As we head into the holiday season, we remain very enthusiastic about our business.”
With Amazon dominating the retail online arena, this is an amazing progression for Dick’s Sporting Goods.
About one in every eight dollars spent at Dick’s comes from the online channel, according to the results the company supplied. And the percentage of online sales is rising steadily.
Over the past year, the company has taken over its web-based sales unit from a third party. Dick’s has invested in its online channel in addition to opening a fulfillment center in New York and California.
Here is how you can use Dicks’ model to achieve your best sales yet in your organization in 2020:
Bundle Experiences & Service
Instead of focusing on a broad audience, it’s important to implement segmentation in your business model. People want to be heard and understood. Personalize your products/service exclusively for specific customers/clients needs. Bundle their needs with multiple products/services. People invest in convenience. How can you make your customer/client’s life easier?
For example, during the month of November, a Sales/Marketing organization can offer sales page writing services for businesses to prepare for Black Friday Sales.
During the month of February, a home/garden store can offer Valentine’s Day themed baskets to give to their significant others.
A winery can offer themed experiences for “Date Nights” which includes education of wines around the world but also provides a relaxed environment for bonding.
Enhance User Experience
Dick’s enhanced website functionality was a driving force behind their growth in online sales.
Simplicity always sells. How are you ensuring the user experience is a breeze for your customers/clients?
According to Chartbeat, you have 15 seconds to get the attention of your client/customer before they leave your website. Once you have their attention, you have to either 1) provide them with exactly what they need at that moment, or 2) get them to continue to come back until they get what they need.
What systems do you have in place on your website to keep engaged and ready to click the Buy now button?
You can add Artificial Intelligence on websites which collect data on your users to provide a better experience for them each time they visit. Artificially intelligent systems constantly work on the background of popular products and services such as Netflix, Amazon, and, naturally, Google. In the past few years, though, AI has paved its way deeper into marketing, helping brands to enhance every step of the customer journey. Moreover, tools previously available to enterprise-level companies have become affordable and accessible to medium- and small-sized businesses. (https://contentmarketinginstitute.com/2017/08/marketers-use-artificial-intelligence/)
Expand Product/Service Options
Dick’s is receiving an improved merchandise assortment from Adidas and Nike. This will give their customers more options, access to their favorite products and, in turn, bring in more sales.
How are you creating options for your customers/clients? Do you have tiered services? Do you have a roadmap for your customers/clients to follow? Consider how what you are offering now can be expanded upon.
For example, a wedding planning service may also partner with other vendors to offer all-inclusive packages like photography or catering. A marketing company may offer a launch bundle where they write content for sales pages, social media and email all in one package.
Take a Stand on Controversial Issues
Robust sales follow the controversial decision to remove the hunting departments from 125 Dick’s Sporting Goods stores across the nation. The higher-margin apparel department replaced the legacy hunt category in many stores. Gun advocates threatened a nationwide boycott of the chain.
Stack, who has been running the company since inheriting it from his father in the 1980s, has taken a very public stand on strict controls for semiautomatic weapons that brought pointed criticism from gun rights advocates and praise from opponents.
Taking a stand on a controversial issue allows for your customer/client to connect with your organization’s brand or mission. Connectivity and Relatability are the biggest trend in Sales for 2020. People want to buy from companies that share their values.
Just like Dick’s Sporting Good, despite competition in your industry, you can achieve your highest sales quarter thus far.
After you’ve included the tips above I do not doubt that you will achieve the highest yet for your company.